Crypto Sports betting has gained popularity in the past few years and there are some studies that prove that. Out of 50 bookies that operate this way, around 200 bets are made every second which is huge compared to 2015. The traction they gained is much higher than traditional casinos.
Almost every website has everything you need including POINT SPREADS BETTING which is the most common thing to play among professionals. It may seem like a different type of gambling but everything works the same for the players except the type of payment. You will need to have the cryptocurrency that the platform uses as the main source.
How Does Blockchain Work For Casinos?
There are numerous ways to use blockchain technology and some of them helped casinos to create new platforms for their clients. One of the things that matters the most is that you can play only online and the supply isn’t determined by the central bank.
This doesn’t influence players a lot because most people that have experienced online gambling have switched to it considering how time-saving it is. Something that every player should know is that the game protocol is different. The providers will use the RNG protocol for every type of casino but blockchain will make sure that they don’t mess with the outcome possibility.
This makes the platform much safer when it comes to manipulating winnings. But, you should still be careful on which website you play because there are a lot of scammers online. The best way to find a good platform is to ask your friends if they have experience with it.
Which Cryptocurrencies Are Used?
The most used crypto will be Bitcoin because of its safety and the biggest market cap. But, there are other options that may be either faster, more private, or more relevant to gambling. Besides BTC, Ethereum will most likely be used for sports betting more than others. This may change when Ethereum 2.0 comes out.
Bitcoin Cash is faster compared to Bitcoin but it trades at a lower volume compared to others. Litecoin is among the cheapest coins that are in the casino market but it’s definitely the fastest. The downside is that Litecoin isn’t used a lot and there isn’t enough info about its safety. Last on the list is the Dash coin which is very similar to Litecoin but has great privacy capabilities.
Why People Switch To Crypto Betting?
If you have experience playing on overseas platforms, you would know that sometimes it will take a while to get funds on your account or withdraw it. Crypto casinos do it instantaneously and transactions are much faster because you won’t have declined transactions.
Another thing that is better for players is the betting limit which is much higher compared to traditional gambling. Most of the platforms focus on slot games with higher betting limits. A lot of bookies have implemented the transaction history on their website that you can follow. This can’t be altered on a crypto website which makes it more secure.
Privacy is on the next level because you don’t have to provide private information like your name or ID. Even a smaller casino offer VIP programs for players that stick to their platform and play a lot. It comes with greater bonuses that can be fun to spend and you can get lucky with it.
It’s Better For Sportsbooks?
Casinos and bookies also have a great profit out of it because their maintenance costs are much lower. They need fewer staff members and once everything is set up, they will just need to update the website from time to time. They still need to work on regulations but that’s a global problem when it comes to cryptocurrencies.
Because they are using blockchain technology, security is much better which also helps them get a better reputation. Blockchain also helps with data management that can be used for enhancing the user experience. It isn’t hard to notice how more appealing their websites are compared to traditional sportsbooks.